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Li, J.Q., Zhu, J. and Zhang, S.C. (2020) Where Is Government Debt Headed: The Logic and Path of China’s Fiscal Consolidation. Management World, 36, 41-55. (in Chinese)

has been cited by the following article:

• TITLE: Effectiveness of Structural Monetary Policy: A Study Based on NK-DSGE Model

  AUTHORS: Fan Yang

  KEYWORDS: Structural Monetary Policy, Small and Medium-Sized Enterprises (SMEs), Targeted Regulation, DSGE, Economic Stability

  JOURNAL NAME: Open Journal of Applied Sciences, Vol.16 No.4, April 30, 2026

  ABSTRACT: By constructing a dynamic stochastic general equilibrium (DSGE) model incorporating heterogeneous enterprises and financial sectors, along with the introduction of structural monetary policy instruments, this study theoretically demonstrates that structural monetary policy exhibits stronger targeted regulatory capacity in facilitating credit financing for small and medium-sized enterprises (SMEs) than it does in maintaining economic stability. Specifically, targeted relending, targeted reserve requirement ratio cuts, and lending facilities can effectively promote SME financing and output growth. However, careful coordination is required when implementing these policies alongside traditional aggregate monetary policy tools. Among these instruments, targeted reserve requirement ratio cuts demonstrate relative advantages in balancing targeted regulation and economic stabilization objectives.